GATX to reduce aircraft portfolio by $450 million

GATX Corporation announced a plan to focus its aircraft leasing portfolio around its newer, more profitable aircraft. As part of this plan, GATX announced its intent to sell up to $450 million of older aircraft assets (including wholly owned and joint venture aircraft), or approximately 23% of its current air portfolio. In conjunction with this plan, GATX anticipates reporting after-tax, non-cash charges in the range of $110-$130 million in the fourth quarter of 2005. Sales of targeted aircraft are expected to be substantially complete by the end of 2006. Incremental gains or losses may occur as aircraft sales are completed.

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WestJet converts options and rights for seven Boeing 737s to firm orders

WestJet received Board approval to purchase four additional Boeing Next-Generation 737 aircraft by converting purchase options with Boeing into a firm delivery. The 737 aircraft are scheduled to be delivered in 2007. WestJet will also exercise purchase rights for additional three 737 Next-Generation aircraft in 2008.

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Finnair to buy 12 Airbus wide-body aircraft

Finnair announced to acquire 12 new Airbus wide-bodied aircraft, as it modernises its long-haul fleet. Of the aircraft, nine are A350s and three are A340s. The A340 aircraft are scheduled for delivery in 2007-08. The Airbus A350 will join the Finnair fleet in 2011. The value of the order is over one billion euros. The current MD-11 fleet of Finnair will be removed from service by 2012.

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CIT announces purchase of ten new Boeing 737s

CIT Group Inc. will purchase ten new Boeing 737-800 aircraft from Delta Air Lines upon the delivery of the aircraft by Boeing to Delta. The total dollar value of the aircraft is approximately US $600 million, based on current list prices. The ten aircraft are currently part of Delta’s existing order backlog with Boeing. Nine of the aircraft will be delivered in 2007 and one in 2008. The sale of the aircraft was approved by U.S. Bankruptcy Court presiding over Delta’s Chapter 11 bankruptcy proceedings.

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